Household deposits in China drop

时间：2007-06-13 07:11:44

（单词翻译:单击）

June 13 - Chinese people who used to stash1 away their money into banks for value preservation2 are rapidly taking their money out, as the country's household deposits have declined for two consecutive3 months.

 

Household deposits dropped by 278.4 billion yuan in May, 67 percent more than the decline of 167.4 billion yuan in April and down 295.9 billion yuan from the same period of last year, according to figures released Tuesday by the People's Bank of China, the central bank.

 

The balance of M1, a narrow measure of money supply that includes cash and demand deposits, surged by 19.28 percent to 13.03 trillion yuan by the end of May.

 

The growth rate faster than the end of last year but slower than the end of April plus diminishing household deposits indicates Chinese households are keeping money on tap for investment in the capital market.

 

In an attempt to squeeze the speculative4 bubbles on the securities markets, the Ministry5 of Fiance raised the stamp tax on securities trading from the current 0.1 percent to 0.3 percent on the last work day of May.

 

The central bank said in a statement that the money supply has expanded slowly, with the balance of M2, a broad measure of money supply growing at a slower 16.74 percent to stand around 36.97 trillion yuan by the end of May. The growth rate is 0.20 percentage points lower from the end of last year and 0.39 percentage points lower from the end of April.

 
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1 stash zFmya     
v.藏或贮存于一秘密处所；n.隐藏处
参考例句：
  • Stash away both what you lost and gained,for life continues on.将得失深藏心底吧，为了那未来的生活。
  • That's supposed to be in our private stash.这是我的私人珍藏。
2 preservation glnzYU     
n.保护，维护，保存，保留，保持
参考例句：
  • The police are responsible for the preservation of law and order.警察负责维持法律与秩序。
  • The picture is in an excellent state of preservation.这幅画保存得极为完好。
3 consecutive DpPz0     
adj.连续的，联贯的，始终一贯的
参考例句：
  • It has rained for four consecutive days.已连续下了四天雨。
  • The policy of our Party is consecutive.我党的政策始终如一。
4 speculative uvjwd     
adj.思索性的，暝想性的，推理的
参考例句：
  • Much of our information is speculative.我们的许多信息是带推测性的。
  • The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。
5 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。

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